Day: July 13, 2022

Oil prices fell on Wednesday as markets worry that aggressive interest rate hikes to stem inflation will spur an economic downturn, further curbing oil demand.

International benchmark Brent crude was trading at $99.34 per barrel at 9.10 a.m. local time (0610 GMT) for a 0.15% decrease after the previous session closed at $99.49 a barrel.

American benchmark West Texas Intermediate (WTI) was at $95.78 per barrel at the same time on Wednesday for a 0.06% loss, after the previous session closed at $95.84 a barrel.

Oil prices continued to fall as central banks’ move to aggressively increase interest rates to combat inflation raised fears of a stronger global recession.

Fears of lower global oil demand put negative pressure on prices as world’s central banks increase interest rates to tame inflation and a new wave of COVID-19 pandemic forces Chinese cities to take drastic action.

Market players are keeping a tight eye on US President Joe Biden’s travel to the Middle East, where he is anticipated to urge Saudi Arabia and other Gulf producers to increase their oil supply in order to support price stability.

Source: Anadolu Agency

Daily electricity consumption in Türkiye increased by 4.36% on Tuesday compared to the previous day, totaling 730,277 megawatt-hours, according to official figures of Turkish Electricity Transmission Corporation (TEIAS) on Wednesday.

Hourly power consumption peaked at 34,905 megawatt-hours at 10.00 p.m. local time (1900 GMT), data from TEIAS showed. The country’s electricity usage dropped to the lowest level of 23,969 megawatt-hours at 07.00 a.m. local time (0400 GMT).

Electricity production amounted to 721,594 megawatt-hours on Tuesday, marking an increase of 4.37% compared to Monday.

Electricity production from hydro power plants constituted 20.4% of total generation, while imported coal plants and wind plants contributed 18.7% and 16.5%, respectively.

On Tuesday, the country’s electricity exports amounted to 7,585 megawatt-hours and imports totaled 16,269 megawatt-hours.

Source: Anadolu Agency

Algerian energy company Hyproc Shipping’s LNG carrier, Lalla Fatma N’Soumer, is due to arrive in Türkiye on July 15, according to ship-tracking data on Wednesday.

With a capacity of 144,888 cubic meters, the vessel left Algeria’s port of Arzew on July 7 and is currently in transit to its next destination, the Marmara Ereglisi LNG terminal, located in the Tekirdag province in Türkiye’s northwest.

The vessel, which was built in 2004, is sailing under the flag of the Bahamas.

It is expected to arrive in Türkiye at 07.00 a.m. local time (0400 GMT) on July 15.

Source: Anadolu Agency

The highest electricity price rate for one megawatt-hour on Türkiye’s day-ahead spot market for Thursday will be 2,850.01 Turkish liras at 00.00 a.m. local time, according to official figures on Wednesday.

The lowest rate is determined as 1300.01 liras at 07.00 a.m. local time (0400 GMT), the figures showed.

The Energy Exchange Istanbul (EXIST) data for the trade volume on Wednesday’s electricity market showed a decrease of 9.19% to 1.03 billion liras compared to Tuesday.

The arithmetical and weighted average prices of electricity on the day-ahead spot market are calculated as 2,056.88 liras and 2,073.64 liras, respectively.

The highest electricity price rate for one megawatt-hour for Wednesday was set at 3,389.99 Turkish liras at 09.00 p.m. local time (1800 GMT), while the lowest rate was determined as 1025 liras at 06.00 a.m. local time (0300 GMT).

Source: Anadolu Agency

The trade volume on Türkiye’s spot natural gas market showed a decrease of 76.87% to 3.52 million Turkish liras on Tuesday, Türkiye’s Energy Exchange Istanbul (EXIST) data showed on Wednesday.

Total trade on Monday amounted to 15.22 million liras.

On Tuesday’s spot market, 1,000 cubic meters of natural gas cost 12,949 liras, while the cumulative natural gas trade volume amounted to around 272 thousand cubic meters.

Türkiye received 83.87 million cubic meters of pipeline gas on Tuesday.

US$1 equals 17.45 liras at 1100 GMT on Wednesday.

Source: Anadolu Agency

The UK’s gross domestic product (GDP) is estimated to have risen by 0.5% in May, after a drop of 0.2% in April, according to the Office of National Statistics on Wednesday.

The GDP is now 1.7% above its pre-coronavirus pandemic level in February 2020, it said.

The services sector expanded by 0.4% in May, driven by human health and social work activities.

The production increased by 0.9% in May, thanks to a growth of 1.4% in manufacturing and 0.3% in electricity, gas, steam, and air conditioning supply.

The construction sector grew for the seventh consecutive month, up 1.5% in May.

The annual growth in monthly GDP was 3.5% in the 12 months to May, down slightly from 3.7% to April, it noted.

Source: Anadolu Agency

Germany’s annual inflation rate came in at 7.6% in June, led by high energy prices, according to an official expectation on Wednesday.

The figure was down from 7.9% in May, in line with the first estimate, according to the country’s federal statistical office Destatis.

Energy prices increased 38% from a year ago in June while food prices were up 12.7% in the same period.

On a monthly basis, consumer prices increased 0.1% in June.

Source: Anadolu Agency